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US Government Dumps Bitcoin Again
The US government’s latest transaction, involving 58.472 BTC valued at $3.96 million, has triggered new selloff fears. According to Arkham Intelligence, the Bitcoin was transferred to a wallet identified as “34tXj..HUXfd” and subsequently moved to Coinbase Prime.
Despite this, the US government still holds a substantial stash of 213.239K BTC, valued at approximately $14.43 billion. These ongoing selloffs by governmental bodies have intensified concerns among investors, potentially impacting Bitcoin’s price trend.
Market Response and Bullish Catalysts
Despite the selloff, Bitcoin’s price surged over 1%, crossing the $68,200 mark, with trading volume increasing 84% to $43.79 billion. Additionally, BTC Futures Open Interest rose 2% in the last 24 hours, underscoring strong market confidence.
Key bullish catalysts include:
Donald Trump’s Speech at Bitcoin Conference 2024: Anticipated statements may bolster market sentiment, potentially introducing Bitcoin as a strategic reserve.
Spot Bitcoin ETF Inflows: Robust investor interest is evident, reinforcing confidence in Bitcoin’s long-term value.
Investor Sentiment and Future Outlook
The US government's actions contribute to market anxiety, potentially reversing the recent bullish trend. However, significant positive factors, such as Trump’s endorsement and strong ETF inflows, could counterbalance the negative impact.
As the market navigates these dynamics, investors are advised to stay vigilant. Monitoring both selloff activities and positive developments will be crucial in shaping Bitcoin’s trajectory in the coming months.
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